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  • FIRST POST
    • pfpf
    • By pfpf 1st Nov 16, 4:57 PM
    • 4,166Posts
    • 2,869Thanks
    pfpf
    Change Santander 123 to Lite. Can be done online from today! How?
    • #1
    • 1st Nov 16, 4:57 PM
    Change Santander 123 to Lite. Can be done online from today! How? 1st Nov 16 at 4:57 PM
    hi,
    after a secure message failed to get my 123 account changed to Lite, can only be done on the phone or in a branch they said, I ventured in to town today.

    special journey to do this but in branch I was told they couldn't do it without an appointment and it would then take 1 hour.

    they did however tell me, and read out to me a note they had received that "from 1st November customers will be able to regrade their 123 account to a Lite account ONLINE".

    they offered to let me do this in branch but I couldn't remember my login details.

    so has anyone managed this today or indeed even found the relevant area of their account to do it?

    I like internet banking and am fine with face to face business but I detest telephone banking.

    thanks.
    pfpf, the avatar previously seen as "the Monkey".
Page 2
    • Nebulous2
    • By Nebulous2 5th Nov 16, 9:27 PM
    • 1,387 Posts
    • 841 Thanks
    Nebulous2
    Yes, I get why people will move to accounts with better interest rates but this thread is about changing from the 123 account to the 123 lite account. Yes the latter has lower fees but no interest either.
    Originally posted by bjbyorkshire
    I didn't have close to the full amount in my 123 account, so the drop in interest reduces its value to me. I put all my DDs that qualify for payments through it though, so that is worth it.

    So I've switched to lite, moved my money out and this month I had £8.32 in payments from them. Well worth the £1 it will cost me.
    • Snakey
    • By Snakey 5th Mar 17, 7:27 PM
    • 922 Posts
    • 1,133 Thanks
    Snakey
    Moving from 123 to 123 Lite, online application
    Sorry for the thread necromancy! I'm looking in to downgrading, and wondering how it works in practice.

    The website says that you keep your account number and debit card. So it seems we're not talking about opening/closing accounts, or making a "switch" in the traditional sense, but just a change in the T&Cs from 123 to Lite.

    Does anybody know, from having done this, what happens with:
    1. The "statement date" (the Santander method of counting a month from the date of the account opening)?
    2. The monthly fee - is it pro-rated to the date of change, or will there be an overlap?
    3. The mortgage payment that's due to go out next week - will that still get cashback? Both types of account have the same cashback conditions, but it doesn't say whether those conditions can be met across the change date or whether they look at each side in isolation.

    Just wondering whether to try to align the change date with the statement date, or whether I can just go ahead and do it now. I know I would be disproportionately irritated if I lost a couple of quid through not realising how it would work, so I'm trying to avoid that even though I know it's only a couple of quid.
    • msallen
    • By msallen 6th Mar 17, 9:02 AM
    • 443 Posts
    • 359 Thanks
    msallen
    From memory my cashback all paid out as normal. I think I made a bit on the account fee though, as I wasn't charged anything for the partial month on "full 123" and then paid my first £1 for the Lite a/c a month after the switchover.
    • Marvo5
    • By Marvo5 7th Mar 17, 2:44 PM
    • 42 Posts
    • 57 Thanks
    Marvo5
    Example: If you had £10K in the 123 and your DD cashback offset the fee, you might have been happy making 3% AER on your £10K.

    Since the rate has been cut to 1.5% AER, you would move to BoS for the same 3% AER on your £10K...and the Lite would cost you £1 per month, but payout (at least) £5 per month. A net gain of £4 per month, or nearly £50 a year.
    Originally posted by YorkshireBoy
    I hadn't even considered this, was about to close three Santander accounts but now like you suggest, keep one open, change it to lite and move all the contributing direct debits over. Just need to put in £500 a month to keep it going. Thank you.
    • younandpoor
    • By younandpoor 10th Mar 17, 10:53 AM
    • 2 Posts
    • 0 Thanks
    younandpoor
    how to open
    hi, i want to open a joint account to and wondered did you have to go into the branch together, seems like there i no way to open this account online which just seems really prehistoric and old
    • ceredigion
    • By ceredigion 10th Mar 17, 6:02 PM
    • 1,969 Posts
    • 2,198 Thanks
    ceredigion
    hi, i want to open a joint account to and wondered did you have to go into the branch together, seems like there i no way to open this account online which just seems really prehistoric and old
    Originally posted by younandpoor

    Open an "Everyday Current Account" Then upgrade it to a light
    http://www.santander.co.uk/uk/current-accounts/everyday-current-account
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